Commissioners Approve Queen Anne Park Apt. PILOT Deal

Developer agrees to $9M in renovations in exchange for a $408,000 break in property taxes over 20 years
Exterior view of Queen Anne Park Apartments in Lexington Park. (Photo: The County Times)
Exterior view of Queen Anne Park Apartments in Lexington Park. (Photo: The County Times)


HOLLYWOOD, Md.—The project to renovate and repair Queen Anne Park Apartments in Lexington Park can move forward now that county leaders approved a payment in lieu of taxes (PILOT) deal at their regular meeting on Dec. 19.

The developer of the project, Osprey Properties, reduced their request for the PILOT deal to $200 in taxes per residential unit for the next 20 years for 102 rental units, which would cost the county $408,000 in property taxes.

The original request proffered by the county's Housing Authority asked for a tax credit that would have lasted for 40 years and cost the county just over $1 million in property taxes.

The Commissioners of St. Mary's County received the initial PILOT request with trepidation in November because of the higher costs associated with it, but seemed much more pleased with the Dec. 19 proposal and voted unanimously for it.

Brian Lopez, vice president of Osprey Properties, which will take over the aging property, said the apartment complex has suffered from years of neglect since it was built approximately 40 years ago.

"It's been poorly managed in recent years," Lopez said. "In my opinion its in deplorable condition."

The renovation should cost about $9 million, Lopez said, and the name of the complex will be changed to Patuxent Crossing.

For more local stories from the County Times newspapers, visit ct.somd.com or find a copy on local news stands.

Featured Sponsor

Vintage Values Thrift Stores
Shop Vintage Values and find terrific bargains, all while helping a good cause!


Reader Comments

Featured Sponsor

Atlantic Broadband
Providing cable television and high-speed internet to homes and business in St. Mary's County.

Need Legal Representation?

Three So. Maryland locations to serve you. Personal Injury, Criminal Defense, DUI Defense.

Follow SoMd HL News